Turkey is set to sign several bilateral agreements with Kenya in order to strengthen trade ties between the two countries. Areas of negotiations include eliminating double taxation, promoting and protecting investments, and co-operation on standardisation and social security.
"We are hoping to sign the double taxation treaty in February 2014. It will be good for both sides; businesses will be taxed only once," Koray Demircan, the commercial counsellor at the Turkish embassy, said yesterday.
"It has the potential to increase investments both ways," he said during a presentation at a Kenya Commercial Bank property developers club briefing ahead of a visit to Istanbul, Turkey and Dubai.
Investments by Turkish firms in Kenya are worth over $200 million (Sh17 billion), he said. Turkish investors are eyeing to invest in building and construction, textile and education sectors, plus supply of kitchen ware and hotel equipment. Turkish-owned firms in the country include Gulsan Group, Eser Kenya, Light Academy Schools and Bobo's restaurant.